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The global workflow management system market grew at a CAGR of around 21% during 2015 & 2020. Workforce management (WFM) refers to a collection of tools and processes that enables an organization to monitor and centralize the data for their human resource utilization. It includes various performance-based software and tools to enhance the efficiencies of front-line supervisors, corporate management, managers and workers across the organization. It can perform multiple functions, such as workforce forecast and scheduling, HR management and workforce analysis. It can also create customized workflows that enhance overall productivity and make decision-making more efficient. Owing to this, it finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), healthcare, transportation and logistics, energy, retail and information technology (IT) and telecom.
The growing need for automation across industries, along with the increasing adoption of cloud-based solutions, represents one of the key factors driving the growth of the market. With an increasing focus on workforce optimization, organizations are extensively employing WFM solutions to manage time and avoid duplication of tasks. Furthermore, cloud-based solutions minimize the requirements for physical hardware, which is also boosting the adoption of these solutions in organizations. The platform also reduces the overall operational costs and enhances the scalability of the infrastructure by providing access to various endpoints. Additionally, increasing penetration of smartphones, along with the prevailing trend of Bring-Your-Own-Devices (BYOD), is also creating a positive impact on the market growth. With the deployment of WFM solutions, the employer can track the progress on tasks at any point of time while providing the employees with secure access to official files. Other factors, including rapid urbanization, especially in developing economies, rising awareness about the benefits of WFM, and extensive research and development (R&D) activities in the field of IT, are expected to drive the market further. Looking forward, IMARC Group expects the global workflow management system market to exhibit strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global workflow management system market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, component, deployment type and vertical.
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Appian Corporation, Bizagi (Vision Software S.A.), IBM Corporation, Newgen Software Technologies Limited, Nintex Global Limited, Oracle Corporation, Pegasystems Inc., Software AG and Xerox Corporation.
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